AI Startup Cohere Reportedly Targets $5 Billion Valuation

The media reports that the Canadian startup Cohere which specializes in carrying out activities in the artificial intelligence industry, is currently actively negotiating the raising of investment funds for $500 million.

AI Startup Cohere Reportedly Targets $5 Billion Valuation

If the mentioned firm can receive the specified amount, its market valuation will reach $5 billion. This was reported by the media, referring to an insider who was aware of the details of the negotiations and the intentions of the startup, which are not discussed in the public space.

Cohere makes foundation models to compete with chatbot ChatGPT creator OpenAI.

The media reports that the annual revenue of a startup planning to raise $500 million increased to $22 million in March. It is worth noting that in December this figure was $13 million. Last year, the startup presented a new AI model called Command-R. In June 2023, the company was valued at $2.2 billion after raising $220 million.

The startup is focused on active cooperation with other firms. The relevant concept in practical terms means that the company is focused on developing artificial intelligence models for enterprises. Cohere cooperates with Oracle. The startup also aims to make its AI configurations available through other large cloud providers.

Cohere was founded by former Google researchers, among them Aidan Gomez, who wrote a letter to employees last year criticizing effective altruism, which is a concept focused on the greatest benefit for humanity. According to him, the mentioned ideology has formed a dogmatic movement that is also self-aggrandizing. Aidan Gomez paid special attention to people who are convinced that they have a unique qualification to help others. In his opinion, such a position implies a likely tendency to extreme actions to achieve goals.

One of the most well-known proponents of the ideology of effective altruism is Sam Bankman-Fried, founder of the failed FTX.

Artificial intelligence is gradually becoming the driving force behind the transformation of human civilization. The potential of advanced technology on a global scale has not yet been fully realized, but development in the appropriate direction is sustainable and intensive.

At the same time, it is worth noting that currently there are two generalized scenarios for the use of AI, which in the context of the simplification paradigm can be designated as positive and negative. The concept of positively applying advanced technology provides for activities in which artificial intelligence is a kind of tool for effective development. A negative scenario means using AI to cause harm. In this case, it means applying artificial intelligence by representatives of the criminal world. For example, AI is often used by scammers and hackers. In this case, awareness is important. For example, a query in an Internet search engine, such as How to know if my camera is hacked, will allow users to detect signs of unauthorized access to the device. It is worth noting that tools are currently being developed to counter the fraudulent use of AI, but criminals are also improving their skills related to activities in the digital environment.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.